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.s. jobs market before the election are out in just a few hours forecasts calling for another month of modest but not stellar payroll growth. >> dow, nasdaq post strongest session since mid september. >> the rising cost of sandy, one major risk modeling firm now says the economic losses from the storm could reach $50 billion. >> and china steps insecurity ahead of next week's com you uhe nis party congress. even model airplanes have been grounded. if you're just joining us, very good morning to you. this is where we stand. we are at the moment dow 24 points below fair value. let's show you where we is an with you're feuropean stocks. cac down half a percent, ftse 100 down 0.2%. let's show you some individual stocks in focus. losses on friday hurt by a sector wide slump. equipment maker cutting back spending down as you can see merely 7%. rbs coming out with results this morning. this is the uk bank with a government owned majority and part nationalized lending reporting an increase in third quarter. deutsche telecom considering slashing it dividend according to reports. let's show y
storm which believe me having lived through was quite incredible. but we do have a presidential election next week. and that before the storm was the big story. there is going to be some going to such an incredible shifting event, you'll have some reticence about taking positions. obviously one would expect there to be a ridiculously euphoric rally if romney were on to win. i don't believe he will. in fact i don't favor him winning. but having said that -- i know, no politics. >> no, i take issue with the statement that markets will have a rally if romney wins because we've seen a number of commenters putting out notes from firms from wall streerts who support romney nevertheless saying they think some of the price action, weaker stock market, a little bit of back up in bond yields may be owed to the fact that markets pricing in romney victory and actually not liking what it sees. p. >> i don't agree with that at all. i think on this side of the pond, the dominant view is that obama will probably succeed. i don't think the market is pricing that in at all. i think if anything, folks are
, jobs report won't only impact wall street. it could have a big implication on the presidential election, which is now five days away. as that election draws closer, kevin logan of hsbc securities says he's growing increasingly pessimistic about the impact of the looming fiscal cliff. he joins me with steven wood, rick santelli, and michael jones. guys, good to see you. thanks so much for joining us. steven, what's your take on the markets right now and this storm? how does it impact the economy and the markets from here? >> i think it's modestly constructive. i think we're still in the middle of the square root shaped economic recovery we've been in for over three years now. a grinding upward trend within the data. i think you saw some of the positive news. i think the chinese numbers were a little stronger than many had figured. so the global economy may not be decelerating as quickly as many had feared, but certainly earnings are going to trump a lot of investors coming into the season. i think coming into the fourth quarter, earnings are going to be critical but revenue is going to b
of tuesday's election. we'll keep an eye on that. in the meantime, of course, the big news here -- wall street back to work after the longest weather related utdowns in over one century. mayor bloomberg himself rang the bell, of course, as we noted a few moments ago. but today, with such a big deal, he also toured the floor and spoke privately to traders before the open. as bob's been saying, the exchange got what it wanted -- a confident open and indeed a quiet day. global market strategist at jpmorgan funds is here. john, truth is, one of the things the exchange was doing when it delayed opening for -- you can now see that the president here meeting governor christie. we'll keep an eye on that. one of the things the exchange studied, it has to do of taking that break of two days in trading was to really get in step with what the other financial players, the trading desk, mutual funds, guys like you were able to staff in response to them opening the market. there was no point in opening the market for a few high-frequency traders. it had to have you there and the likes of you as the ba
a major effect not only on wall street but on the presidential election as well. we'll get market experts to weigh in on that a little later. the other big story, of course, the continued fallout from hurricane sandy. if you have a car in new york, new jersey, other areas affected all along the coast, chances are you're having a hard time filling your gas tank. many stations are still closed. others are seeing huge lines. the question is how long is this going to last? we're going to get into that coming up. >> but first, let's look at where we stand as we approach this final stretch. the mark up 131 points on the dow. check it out. 1% higher on the industrial average. technology among the better performers. you have the nasdaq composite up 42 points, that's 1.5%. s&p 500 looks like this. nasdaq at the highest levels of the afternoon right now. s&p, very close to it. up about 15 points. better than 1%. >> pretty good gains. let's dig deeper into the rally, what we can expect from the jobs numbers tomorrow. >> gentlemen, good to see you. thanks for joining us. gary, let me kick this off wi
in place. this economy could do well. >> do you think things loosen up after the election when we know who the president will be? >> i think it depends. then we're going to have more clarity on the policies. what we want in place are constructive growth oriented fiscal policies. >> and we don't know we'll get those. rick santelli, jump in here. we had a market under pressure for sure today. you hear what chip is saying in terms of those policies. what would snap investors out of this? >> i think what would snap investors out, of course, to start to see some, a, larger and more job creation. also getting things like tax policy out of the way. i will tell you, the discussion on the floor, many talking about the dollar. is it qe, or is it romney? are the effects of the weaker stock after the number, are they effects of a stronger dollar after the number really because of qe, or are they because not only do we potentially have a challenger that's close enough to win but if that challenger does win, what's to say to bernanke, what's to say to the fed, what's to say to qe, what's to say to the b
for you right i'll see you monday. >>> hey, larry, what do you have for us? >> jimmy, the election is dominating stocks right now. good evening, everyone. i'm larry kudlow. this is the kudlow report. our top story this evening, four days before election day. and the race between president obama and mitt romney could not be any tighter. >> four more days! four more days! >> all right. the president today telling his liberal supporters that the mere mention of governor romney to exact revenge. >> no, no, no. don't boo. vote. vote. voting's the best revenge. >>> and thank you, again, vice president joe biden, for yet another gift. >> there's never been a day in the last four years i've been proud to be his vice president. not one single day. not one single day. >>> and we ask a key question tonight. is hurricane sandy so much worse with the loss of life and incredible suffering covering a third of the country? is that going to put voters in an angry, frustrated and ugly place? so much so that it damages president obama's re-electionesre-electio re-electionest. >>> we begin tonight wit
of tuesday's presidential election. here's where we stand in the final hour with the dollar moving higher today. that's pushing a lot of asset classes lower. the dow now down 102 points just off the lows of the session at 13,130. the nasdaq down 24 points, almost a full percent there at 2995. the s&p 500 index is also lower, down 8-plus points at 1418. >> i guess i would have expected a different reaction to these numbers today. so what is behind this slide in stocks? >> in today's "closing bell exchange," we have ed batowski along with ron ensana and rick santelli. rick, what's your take on the action here? as i said, you've had a strong dollar. that's pushing oil and gold and the stock market lower today. >> it is. it is pretty surprising to see the knee-jerk reaction at 8:30 to about 8:45 eastern where interest rates moved higher. treasuries sold off. dollar index jumped. the equity futures jumped. it didn't last long, as you pointed out. the only market that really remains solid with this first knee-jerk move is the dollar. i think that points to a lot of questions regarding what come
are on hold waiting for that release anne frankly, it's not even the jobs report today, it's the election tuesday. it's a lot of the eurozone meetings coming up which really have their attention and has people a little bit nervous about making big news. so europe stoxx 600 up about 0.2%. quick look at the major bourses. you'll see they're actually for the most part to the down side, roughly flat. ibex 35 showing gains. ftse fractionally higher. we did get some data out today. pmis across the eurozone area. the composite came in okay, but greece and spain manufacturing sectors continues to to shrink. that's one reason we're'sing the euro trade weaker. but very important issue. as of today, short sellers with more than 0.2% position in any european company have to report to regulators. and if they have more than 0.5% position, it will be made public. this is highly unusual. teams of lawyers were working in to the night last night making sure they could meet all the disclosure requirements. because of course in typical european fashion, not just one central regulator they have to report to,
money and the election. the power of the presidency. what obama or romney would mean to the markets or economy. then the bombshell accusations by a banker turned whistle employeer. my interview with greg smith about why he left one of the most prestigious firms in world and the charges he makes. and cooking up the formula for success for small businesses. "wall street journal" report begins right now. >> here's a look at what's making news as we head into a new week. some encouraging news about the economy. the cross domestic product grew up 2%. the broadest overall measure. economists were expecting a growth rate of 1.8%, the number booming by increase in spending and stronger housing market. the dow falling nearly 250 points on tuesday after poor earnings news an the market was plate later in the week. big multinationals did not farewell. guidance was light. boeing and proctor and gamble beat expectations. among technology and internet company, yahoo! and facebook beat expectations -- the company introducing the ipad mini, smaller and lighter than the full size ipad and listing fo
and a lot of this will depend honestly on who is elected. >> stay with us. first we'll check on the markets to the degree that we can. u.s. futures have been trading in the overnight and morning session. >> currently trading a little bit more than 40 points below fair value. let's show you european markets. a bit higher this morning by good numbers out of ubs and bp. ftse 100 up 35 points. xetra dax up 0.8%. ibex up 0.6%. let's remind you what's going on as far as reinsurers are concerned. impact on hurricane sandy as well. all the big reinsurers are up. this is an expectation maybes wills aren't quite as heavy, but of course if you to get losses, also hardening rates in the long term anyway. an auction coming out of italy today. that's in about an hour or so time. we have three to four billion. might raise more than that. yields just a little lower today, just below 5% for italian. ten year spanish yields, 5.64%. still okay for now for the spanish government. euro-dollar is 1.2929 last wednesday. and we stand 1.2933. so in the last four trading sessions, we haven't gone anywhere. plenty of
our guest host today. julian robertson, we'll get his take on the fiscal cliff and the election that is fast approaching. a and one former governor who has weathered several major storms in his state of florida, jeb bush, he'll be our special guest coming up at 8:00 a.m. all that plus as we mentioned the new adp employment report. mark zandi will deliver the report to us first on cnbc. let's get over to andrew with more of today's top stories. >> joe, i think actually we're going to go and talk to mary thompson. as new jersey begins to recover, gas lines are growing. mary thompson is on the new jersey turnpike this morning. mary, good to see you. but there's been a lot of lines and a lot of people talking about this. >> reporter: yeah, very frustrating situation. take a look behind me, you can see the line at the vince lombardi station. and what you can't see is that it stretches down just about a half a mile to the entrance to this rest stop. our cameraman waited in line to get gasoline, he said it took him about 25 minutes. and brian sullivan drove past it yesterday and said t
, and the pivotal election is just days away. tonight, cnbc assesses the damage and looks ahead to rebuilding. sandy, road to recovery, a special edition of "the kudlow report." >>> here's what we know two days after the killer storm called sandy hit the northeast. u.s. death toll is now at least 64. a second new york city hospital, bellevue, has been evacuated because of power and flooding issues. >> lower manhattan still a crippled zone. the markets were able to open today, but there's still flooding damage down there and also very dark streets. >> so in the metropolitan area, the recovery is a struggle. the availability of electricity to run the traffic lights, pump the gasoline, is now prime need. 6.1 million utility customers are still without power. individuals and businesses alike. >> public transportation slowly coming back online. some subway services in the city, some commuter lines in new jersey, westchester, and long island will run tomorrow. >> commuters coming into the city by car must have three people in each car after 6:00 a.m. >> and the airports are opening, but it's difficult to
michelle caruso-cabrera. five days before the election. is new york mayor mike bloomberg using hurricane sandy to score political points by endorsing barack obama? rudy giuliani will be our special guest. >> and why are politicians brow beating insurance companies in to how to run their businesses? it eats an attack on free market capitalism. >> a special edition of the "kudlow report" begins right now. >>> sandy, the road to recovery. the cost of sandy's destruction on the rise. gas lines stretch for miles. and so does the traffic jams. billions still without power. food getting scarce. nerves break. how past can we rebuild? tonight we look for answer. plus the markets rally and the reaction of a lifetime days away. this is a special edition of the "kudlow report." >>> hurricane sandy may be over, but tonight many in the northeast remain without basic needs. power, water, gasoline, and the road to recovery looks grim. here's what we know right now. total losses in sandy, now estimated to be $50 a billion. that according to a disaster modeling company. ranking it second only to hurricane
wreak havoc on the elections. it is only eight days to go, of course. what impact will the big storm have on voter turnout? will sandy turn out to be the october surprise? >>> thousands of flights have already been canceled. we're going to take you to delta's operations center coming up as this special edition of "power lunch" continues in just a moment. up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. ♪ [ male announcer ] it was designed to escape the ordinary. it feels like it can escape gravity. ♪ the 2013 c-class coupe. ♪ starting at $37,800. ♪ starting at $37,800. wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happ
a forecast of some of the weather channel and we'll find out how it could impact the election as the president gets set to tour new jersey. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners. >>> you are watching "worldwide exchange" and these are your headlines. sandy leaves a massive path of devastation in its wake as r residents belong a long and costly recovery process. >>> barclays with two new investigations in the u.s. as the bank unveiled a 23% drop in profit. >>> barclays shares trading lower after the bank demands two new investigations. pre-tax figures down 23% to just above one billion pounds. mainly re
, well above estimates, carrying a lot of political fuel with election day just five days away. good morning. welcome to "squawk on the street." i'm carl caquintanilla with melissa lee and david faber. not just the 171,000 for the month but positive revisions we'll talk about in a moment. a busy day in europe as well as we start to talk more about the big events that will happen with the eurozone, both central banks and the greek government that starts next week. >>> our road map starts with the jobs number that beats even the highest expectation on the street. 171,000 is the number with another 84,000 in revisions higher for the past two months. unemployment ticks up to 7.9% as the participation rate rises. is the number really as good as it looks? >> the death toll from sandy now stands at 94 as more than 3 million homes still without power now facing colder weather, gas lines stretch for miles and controversy surrounding new york's decision to hold the marathon this sunday. >>> the ipad mini on sale but lines are shorter than expected. we're live at apple stores for the reaction.
for a while. portions of the northeast could be without power maybe until election day, do we think in. >> yes, yes. the weather is very impactful to the weather from a turnout perspective anyway. we've done research that shows 30% to 35% of independent voters will not vote if the weather's bad. not only on top of that, we have upwards perhaps of 10 million people losing power this week. i'm sure there won't be that many by election day but it will be very disruptive, as well as disruptive to the campaigns. it throws a monkey wrench into the entire campaign and election. >> we don't know if there will be alternative plans as a result of that. i mean, already we were hearing earlier that the administration was considering not releasing the jobs numbers on friday. what are the alternative plans if, in fact, this does impact election day and the opportunity for those independents to vote? >> i think it could get really, really complicated and state by state. i don't i think we'll know unless the dust clears. it's an unprecedented event. you overlay it on timing before the week of the election, ma
going into the election. we had a little bit of a pullback i feel because it's factoring in a romney victory, he said he would get rid of the stimulus, which would not be all the best news for this market, which i think is stimulus addicted. we got the fiscal cliff it's dealing with. for the most part it handled it really well. i'm expecting a good rally after the election after a tough october i would think we'll rally to new highs after the election, but with that earnings, investors have to be careful here and like what we're doing for our clients you need to pare back risk at that point, being wary of what the market will do next which is probably not pretty. >> happy you have your san francisco giants gear on. >> that's right. >> world series parade today, some happy times in the middle of all of this upset. >> yes, the giants are big -- sorry, maria? >> i said nice hat. >> thank you, yes it's a big deal up here in northern california, the big parade. i would have loved to have been there. the giants were a bit of a surprise to win the world series but always surprise us on the
slow, gradual growth. november is always a unique month, especially with the election going on. i think there's been an exceptional amount of mud slinging going on in this particular election, once we get past the election, we think things are going to return to some semblance of normalcy and the economic factors are positive. >> kurt mcneil, the vp of u.s. sales for general motors in detroit. we were talking with kurt and you saw it flash at the bottom of the screen, october sales from toyota, an increase of 15.8%. that was substantially below the estimate out on the street which was calling for an increase of at least 24%. so those are the latest numbers for october. >> the dow's up 132, let's get a market flash. >> for the most part doing well, same store sales and it is warning for his third quarter, the action sports retailer saying that things are very slow in europe, at least they didn't blame sandy. >> more of the same, mayor bloomberg says the new york city marathon will go ahead on sunday, barely six days after hurricane sapdy. that's the right decision from the mayor, the pre
democratic states. what is much more important to the outcome of this election, michelle, is what's going on behind me at this afl-cio phone bank where union volunteers are making calls, doing the painstaking work of identifying callers and getting them to the polls. the chamber of commerce told us they're making millions of phone calls in the final days. interest groups aligned with both campaigns are going to do this non-stop between now and tuesday. of course, many voters have already cast their ballots because of early voting in this country, michelle. but there's a lot of work left to go. the candidates are sprinting and so are the volunteers. >> john, thank you very much. stay there because we're going to come back to you in just a moment. there is that other story that has big impact on the presidential race, and that's the jobs report that came out this morning. our senior economics reporter steve leisman is here now to discuss it. the numbers, the unemployment rate came in roughly where people thought it would. the job creation number was higher. >> we added revisions of 84k. tha
of having utilities and elect call wires under a ground. that can be an issue as well when storm surges rise. we'll be back with more as our special coverage goes on. guys, back to you. >> thank you so much, scott. that's why we have so many issues with the exchange. that's the neighborhood where the new york stock exchange is. back to the dramatic picture in midtown manhattan, a construction hanging from a skyscraper. robert frank is live in new york city with more on that. robert? >> reporter: thanks, guys. well, i'm standing on 57th and 8th, just a couple of blocks from where this crane is hanging like a giant sword over midtown manhattan. here's what we know so far. at approximately 2:45 today the boom of that crane was blown over the cab, over the top and is now hanging over the building. the mayor has evacuated this entire area, all of the buildings directly surrounding 157, have been evacuated and including a hotel. the d.o.b. and the fire department has sent personnel up into that building, but as winds and rain get even worse here in midtown, it's unclear that there's any kind of te
romney, this election season, there are now 47 million people on food stamps. that's an increase of 14.7 million people or 46% since obama took office, and those people buy the smaller units at dollar general. say what you want about the president, the increase in food stamps is a huge tail wind for dollar general. and it's natural they would have some major stock-up business ahead of this storm. however, hurricane sandy is just icing on the cake for dollar general. i can't do any trades because they're too flawed but this investment, i like. i would be telling you to make this investment without the food stamp stock-up business from the storm. why am i such a big fan of this one? dollar general is the best of the dollar steers. best management, it's been able to deliver consistent double-digit earnings growth for the last several years. second, there's been trouble in the dollar store space recently. i think this industry is still a terrific fit for the times we're in. it ain't no boom here. an environment of high unemployment, slow wage growth, expensive gas prices, you better believ
on the financial sector. >>> and how will this storm impact next week's presidential election? ed rendell will join us live. that's coming up on the "closing bell." stay with us. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local currencies. tdd#: 1-800-345-2550 i use their global research to get an edge. tdd#: 1-800-345-2550 their equity ratings show me how schwab tdd#: 1-800-345-2550 rates specific foreign stocks tdd#: 1-800-345-2550 based on things like fundamentals, momentum and risk. tdd#: 1-800-345-2550 and i also have access to independent tdd#: 1-800-345-2550 firms like ned davis research tdd#: 1-800-345-2550 and economist intelligence unit. tdd#: 1-800-
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.s. election campaign. and as we head to break, here's a quick look at how future which is are trading are trading ahead of what won't be the open on wall street. >>> all u.s. stock markets will be close the today. this is the first wealth related closures in 27 years. and shares in ubs are rising at the open after reports the swiss bank may cut 10,000 invest him banking jobs. and wind down up to 15 trading businesses. plus wen and his family fighting back against reports of accumulated wealth. lawyers call it up true and are considering legal action against the "new york times." futures are trading today but may not be trading tomorrow depending on sandy. they're heading lower in futures trade. ben, major indexes closed today, but the mood across europe has largely been consistent with what we're seeing. major bourses shed buildiding a half a percent. the impact of the storm which could be the biggest ever to hit the u.s. mainland is already being felt. the new york stock exchange nymex, nasdaq and cboe will be closed take and possibly tomorrow. although the nymex is still having elec
election. an engineer on what went wrong involving that giant crane collapse in middown manhattan yesterday afternoon. >>> let's head to southern manhattan, just a couple of blocks from the new york stock exchange. and we are going to check on the recovery efforts there. scott cone has been in battery park city since the beginning of this storm, less than a five-minute walk from the nyse. scott, what's the latest? i would like to get your reaction to the fact that the exchange will open tomorrow, from what you see at your vantage point, how easy a task is that going to be? >> reporter: well, getting the exchange open is -- that shouldn't be a problem at all. we reported last night, we showed you how the exchange itself was high and dry. one of the things that the nyse has going for it is that it's not in an evacuation zone. plus, it didn't flood. it's a slightly different situation with the new york mercantile exchange, that is something we have been trying to get a handle on throughout this, because it is in that so-called zone a in the flood zone. we were by there earlier today. it looks
will the superstorm impact the election? does this natural disaster give either party the damage? that's next on "squawk box." [ male announcer ] you are a business pro. monarch of marketing analysis. with the ability to improve roi through seo all by cob. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. i'm going b-i-g. [ male announcer ] good choice business pro. good choice. go national. go like a pro. >>> welcome back, everybody. the u.s. equities futures are predicted higher ahead of a normal resumption of trading. you see the futures are up about a half a percent. s&p futures are even stronger up by .7 of a percent. nasdaq futures up by about half a percent as well. we're trying to figure out what is next for the region that is dealing with cleanup. let's get the forecast from maria la rosa. >> we still have a big area of influence. what you're not seeing is heavy showers and thunderstorms. still see that circulation. so wind still a component in a wide area. from
for the president just days for the election. both campaigns back in a final full-court press. that is the new swing state data. also brings some welcome news for the president. our chief washington correspondent here with the latest numbers. hi, john. >> we've all been watching the national polls which show a dead-even race but really the race is going to be settled in the battleground states. we've got three new nbc news/"wall street journal"/maris polls of three of those states. first start with the state of iowa, in the heartland, every presidential campaign starts. president got a 6 percentage point lead, 50-44. that's very auspicious for him in a state that both parties are contesting. secondly, go to wisconsin. this is paul ryan's home state, one that republicans have been hoping to steal out of the democratic column. they haven't carried it since 1988. and you've got the democrats with a 3 percentage point lead, 49% for president obama, 46% for mitt romney. finally new hampshire, the only state in the northeast where mitt romney's a real threat to take away from democrats. president obama's
. a jobs number on friday. the last one before presidential elections. a week from tomorrow. we're going to get through this period of uncertainty given the storm. there's a lot in front of us. it's not just about weather. >> q-4 revenue below consensus from companies that make donkeys that go up and down. a weak quarter domestically. not really able to buck that. a lot of people feel that they could be in play. armstrong world disappointing quarter. that's a surprise. a lot of people would like a housing play. there's a lot to that company. and then burger king. which comes out and burger king some people would say before currency they had good numbers. systemwide sales at 3.9%. mcdonald's is weak. we would love to dive deeper into that quarter. >> burger king and red robin managed to get quarters out. >> i have not eaten at a red robin. >> shocked to hear that. really. they brought stuff to the set here many times. >> it's my bad. i had them bring the truck here to try it. shortly i recommended stock and bingo. takeover bid. >> burger king is an interesting story. let's not forget rece
as well. we could see more damage to come and snow that could affect election day voting. superstorm sandy right after the break. hahahaha! hooohooo, hahaha! this is awesome! folks who save hundreds of dollars switching to geico sure are happy. i'd say happier than a slinky on an escalator. get happy. get geico. melons!!! oh yeah!! well that was uncalled for. folks who save hundreds of dollars switching to geico sure are happy. how happy, ronny? happier than gallagher at a farmers' market. get happy. get geico. [ construction sounds ] [ watch ticking ] [ engine revs ] come in. ♪ got the coffee. that was fast. we're outta here. ♪ [ engine revs ] ♪ >>> these are early days the nation is starting to process the tallying the cost of the devsating storm. >> some of the estimates that are out there, they range in cost of as high as $30 billion. it is not clear that they became apparent today or any of the models are adequate to the weather event. this shocking video of the coast line was aired late this afternoon. the aspects of this storm, brought devastating rain and winds a7 to $15 bil
that statistics from labor day to the election 90% of the time if the markets up, the incumbent wins. the number of 13,090. so 17 points above where we close the day before labor day. ohio getting much closer apparently. anyway, let's look at the oil board. if you look at the s&p and how it's come down recently, a lot of the risk assets have come down at the same time the s&p has. went up on qe and once revenue started coming in it light or -- >> denniss also pointed out we could see big margin calls. >> take a quick look at currencies. or the ten year. probably down around 1.7% or so on the ten year. guess we'll go to kelly in london. you're back over there. you made it. that's good. >> i was on a flight out saturday night. i i know they started shutting town things on sunday, so i barely squeaked out of there. did have to help grandpa clear the deck furniture before i left. but wanted to give you a sense of what's happening here back in london. a storm on both sides of the atlantic because even the outperformer in the euro stoxx 600, it's ubs up 4.5% because it's rumored to be cutting 10,000 j
in a generation, to meet and entrust that national emergency. remember when president obama was elected, he said he'd put a lot of people to work in shovel-ready job. turned out there weren't that many jobs that were ready in. the wake of sandy, i don't think there are enough shovels ready for up and down the jersey and new york coast. these jobs will be created. this destruction, estimated between $30 billion and $50 billion. i think it's going to exceed that. maybe at least get to the high end. will finally move the employment need until this country. now, when we look at industries that have been hardest hit since the great recession, the one that stands out the most is the construction business. construction business is about half of what it was six years ago. the culprit, banks that are afraid to lend, excess of homes, no need for new buildings and roads. the federal government doesn't need loans from banks. the federal government can cut immediate checks to get work done. the federal government is the only entity big enough for this job. i think it will keep the situation for dissolving in
.s. politically it's a no win prior to the election. >> right. >> so we're not going to have a decision before the election. >> it sounds like to me that these are all just temporarily on hold. because the trend is definitely charts friend. but right now we have got a gra great growth story. we are a key supplier for an industry that will grow dramatically. the future, i will try to avoid the misses. >> fair enough. >> i know that it will go over the trend if that's the case. chairman, president, and ceo of ctls. gas to liquid. stay with cramer. >> coming up, a party? the market has traded higher today, but after a slew of disappointing reports there is plenty of pessimism on wall street. crime e cramer is looking beyond the doom and gloom. clean up continues as retailers get ready for the busiest shopping season of the year. cramer is seeing if they can be a gift to your portfolio. don't miss this exclusive all coming up on mad money. i don't spend money on gasoline. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two mont
over this crisis. and that's going to be an important thing with days to come until the election. people are talking about how sandy will affect the election, and that is one of the major things people are talking about this morning, guys. back to you. >> kayla tausche, thanks so much. talk about moving all these various calendar dates. there's also, i mean, as kayla mention, some talk whether or not the elections could possibly be moved. constitutionally it can be moved but whether or not that is going to happen is a whole other story. >> all i heard was executive order to move -- >> halloween. >> words i never thought i would hear. >> think of all the children across the country rejoicing, and adults for that matter. and adults. >> we had a lot of businesses report a good quarter. european business news rather extraordinary. >> deutsche bank. >> when was the last time europe helped us? here we go. >> except we're not open. >> i know that our futures or whatever they were trading off of, looking at some of the data points, bp gave you a boost from dividends. that was terrific. 4
the election. more to come as the day just gets going. >> let's get more on today's trade. let's bring in art cashin. art, curious to see what you're seeing right now in terms of what is unusual today whether it be good or bad. >> first of all, the opening looks like it went peacefully enough and peaceful is good. i think that the various phone vendors continue to have some problems. there were cell phone outages and internet connectivity problems and that probably is holding volume down a bit. i think some of the clients not because of here but because of their phone service are having difficulty getting access in. we have opening out of the way for the end of the month. next big deal is going to be who plays at the close. >> in terms of the connectivity issues carrying into friday's session, if they do, we have the jobs report out on friday. how could the trades be if these issues are not resolved by then? >> i think clients and the brokers are working steadily on it to see if they can find ways to improve those connectivity issues. we are set up here to trade any way they want. they just g
vry.edu/knowhow. ♪ >> what you saw today, i expect to see between now and the election. this up and down, can't make up its mind, truly repugnant market, so don't get caught up in the action, because it is all preelection and we won't have any real resolution of this until after the voting is done. and there's a bull market somewhere. i promise to find it for you. i'm jim cramer, see you monday. >> mega welding, super-sized assembly... >> i always g
between now and the election. this up and down, can't make up its mind, truly repugnant market, so don't get caught up in the action, because it is all preelection and we won't have any real resolution of this until after the voting is done. and there's a bull market somewhere. i promise to find it for you. i'm jim cramer, see you monday.
back to normal. so the focus will be elections, fiscal cliff, but more for us is more earnings. >> how important is getting trading back up tomorrow? >> it is important. people want to see trading does occur. yes, very important especially as positions for hedge funds and other people start closing out and in values, too. everyone wants to vol their pal portfolios at the end of the month. >> anything to worry about or consider if it becomes an electronic trading situation on the bigboard? >> i think it will be interesting to see if there will be any glitches going forward, but i don't think so. i think they have a whole day today to figure this out. it sounds like the backup systems are in place. any particular stocks or investment themes in the contest of the storm that you're thinking about as a result of all this? >> if you say what needs to be replaced, what are things that people used so that you can go to the manufacturing side, generation side, companies like general election, emerson electric, which might get a short bump up in demand. on the other side, the speculation in the
in the election. in other words, other than for those who are shorting or going long stocks ahead of the quarter, these earnings reports need a context to make you money. they can't be relied upon anymore because they aren't as predictive of future behaviors as they once were. they are a piece of the puzzle, a part of the mosaic. they are only one of very important parts of what predicts where a stock will go over the intermediate term. it is a teaching show. because i want you to know the metrics i'm using to pick stocks i talk about and recommend here you can follow along at cnbc.com. i want you to listen to these conference calls or read them in the transcripts. give you an opinion of what matters in these conference calls and how i let them factor into my picking stocks. i want this to show once and for all to tell you how to use earnings season as a way to evaluate your portfolio. figure out what you need to trim, what you need more of. let it help your stock selection. hone your way of thinking. not mine by yours. earnings season is incredible important for what it tells you about a host o
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